INCEIF Knowledge Repository (INCEIF University)
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The Islamic social finance & investment imperative
No full textThe rapid growth of global Islamic wealth and asset management has contributed to the establishment of a niche market based on the Islamic finance paradigm of interest-free, transparent, profit and loss sharing and mutually beneficial contracts. However, Islamic wealth and finance has been criticized for converging into conventional practices rather than its core principles of socio-economic empowerment and justice. The capitalist attributes of profit maximization without the ethical and moral boundaries has pervaded this industry that was supposed to espouse the ethical and socio-economic tenets as its value prepositions for its future growth and survival. There is an emerging trend of Islamic social finance and investments imperative in the industry to meet the growing global demand for ethical investments
Issues in Islamic estate planning
No full textIslamic estate planning is an important aspect of wealth management and financial planning. Currently, Islamic estate planning, which makes up a part of Islamic financial planing, is not well-developed and needs further enhancement and improvement for it to flourish so that every Muslim can benefit from it. The important components of Islamic estate planning include hiba, wasiyya, waqf, takaful and fara'id (Islamic law of inheritance), among others. This chapter discusses some of the major issues pertaining to theses components and offers recommendations to resolve them
Does prospectus information matter in IPO pricing?
No full textThe purpose of this study is to identify selected information from the prospectus that might signal the initial public offering (IPO) offer price. The results tend to provide support for the argument that firms with Shariah-compliant status reflect lower uncertainty and project better signalling of quality due to greater scrutiny by the government and thus are able to offer IPOs at higher prices. Similarly, firms with a higher proportion of shareholder retention indicate lower risks as insiders forego their options to diversify their portfolio, and hence could price their IPOs higher. Finally, the involvement of institutional investors and higher underwriter ranking could be used by firms to disregard information asymmetry, and therefore, the issuer might have to discount the IPO offer price
Determinant of securitization spread in Malaysia
No full textMalaysian firms have been reported to be involved in Asset-Backed Securities since 1986 when Cagamas Bhd was the pioneer in the field. This research aims to examine the factors influencing spread in Malaysia's securitization market. In order to provide a test of stability and a choice of model, the multicollinearity test was conducted by providing information on the degree of correlation between the explanotary variables used in the multivariate regression analysis. Ordinary Least Square method was used for baseline, and panel data analysis was applied during the study period (2004-2012) for a more robust check of the analysis. The data were obtained from 90 non-financial firms or institutions and the number of observations carried out was 387. The results show that four determinants influence or contribute to the primary market spread and are statistically significant in developing securitisation in Malaysia. It can be concluded that loan to value, maturity, debt and crisis significantly contribute to the determinant primary market spread
Deciphering the political economy of Malaysia
No full textWhat is really "new" about New Malaysia? The term "New Malaysia" connotes new thinking, new ideas and new solutions based on a new paradigm. New Malaysia warrants a new mindset, but some pronouncements by politicians, on both sides of the divide, show that they are still unable to delink themselves from the past
Can the Maldives become a global superpower of Islamic finance?
No full textThe opposition coalition that won the presidential election in the Maldives on the 23rd September 2018 has the first-ever political manifesto to contain a special agenda for the development of Islamic fi nance, demonstrating the evergrowing demand for Islamic finance in the Maldives
Comment on "Modinomics: design, implementation, outcomes and prospects"
No full textThe term "Modinomics" embodies the essence of Indian Prime Minister Narendra Modi's economic policies. Jha (2018) explains how Modinomics is reshaping the Indian economy through a slew of economic reforms and a series of bold measures aimed at "participatory development." All this sounds like music to the ears. Jha (2018) paints an overtly rosy picture of the Indian economy under Modi's leadership and administration. The narration is quite informative and fairly persuasive. However, it reads more like an official document than a scholarly piece, which gives the impression that it is not unbiased
CEO of Maldives Islamic Bank retires
No full textHarith Harun, the first CEO and managing director of Maldives Islamic Bank, has retired on the 31st March 2018. Harith is a Malaysian citizen who has contributed toward the creation of a fully-fledged Islamic finance industry in the Maldives. He played an instrumental role in creating the Islamic monetary market and other Islamic finance institutions that emerged in the country. The stakeholders of the Islamic finance industry are of the view that Harith leaving the position of the managing director of Maldives Islamic Bank is a loss to the industry. However, Harith will still serve as a director of the bank
Macroeconomic impacts of oil prices on oil-exporting and oil-importing economies: a case study of Russia and Japan using ARDL technique
No full textThis study aims to apply the Autoregressive Distributed Lag (ARDL) technique to analyze the macroeconomic impacts of oil prices on oil importing and oil exporting economis using Russia and Japan as evidence. Quarterly data from 1997 till 2017 of macroeconomic indicators like GDP growth, CPI, exchange rate, PPI, and oil prices were used in this study. Our results indicate that in an oil importing country like Japan, oil price increase has inflationary effects on the domestic economy as the average prices increase. Also, it was found that economic growth tends to decline in the wake of rising oil prices. The value of the currency is also shown to depreciate vis-a-vis the US Dollar as the exchange rate rises (exchange rate expressed as the value of home currency against the US Dollar). Conversely, for Russia, it was found that an oil price increase tends to decrease the inflation rates in the country and help accelerate the growth of the economy. This is because the oil industry accounts for the major share of the Russion economy. Nevertheless, suprisingly, our results show that the Russion Rubble depreciates against the US Dollar when an increase in oil prices takes place. The study can be further improved by including more countries to get more conclusive result and expanding the data range
The impact of human development on natural disaster fatalities and damage: panel data evidence
No full textCountries with high levels of human development should be able to reduce the impact of natural disasters in terms of the total numbers of people killed and affected, and damage. In this study we investigate the impact of human development indicators such as income per capita and human capital (education level) on natural disaster fatalities (total deaths, total affected and total economic losses) in 79 selected countries. Using dynamic panel data analysis, we found that the level of economic development plays an important role in mitigating the impact of natural disasters such as droughts, earthquakes, extreme temperatures, floods, storms, volcanoes, landslides and wildfires. Other factors that are found to determine the number of natural disaster fatalities include population, population density, unemployment, investment, government consumption, openness, education and corruption. Using the dynamic panel data model, we found that education, investment, government consumption and openness display an inverse relationship, while population and population density have a direct positive relationship